Have a Tax Question? Ask a Tax Expert
Yes you can still claim the home as a rental property but only the portion of which you actually rent.
Your personal living area would not be included.
You won't have any thing to deduct though until you are a tenant.
Once I get a tenant can I claim Condo fees?
yes that's right. Once you have a tenant.
What if I can't rent my home for enough to cover the mortgage, condo fees etc.
Then you would be operating the rental at a loss. Generally rental losses are not deductible but if you are actively managing and taking care of the rental then you can deduct up to 25K annually.
Ok thank you